Exchange of information

The exchange of information with other jurisdictions improves tax administrative practices worldwide. Mechanisms used to exchange tax information with other jurisdictions include:

exchange of information articles included in our double tax agreements

tax information exchange agreements.

Exchange of information is limited to jurisdictions that have an agreement with Australia. The exchange is dependent on the cooperation of their tax administrations to collect information, and in some cases there may be restrictions on how we use the information and documents received from them.

Information can be requested by us or may be given by the foreign authority on its own initiative. Before requesting information from another jurisdiction, we consider whether the information is either:

held within Australia, or is in the custody or control of someone within Australia, and may be accessible using our domestic access powers

able to be obtained using an offshore information notice.

We generally make requests for information from foreign tax authorities where:

we have been unable to obtain information or documents from you or third parties in Australia

we suspect you or your representative has failed to disclose offshore income or assets to us

we require bulk data to confirm foreign-sourced income is being returned by Australian taxpayers.

Multilateral conventions

Australia is also a party to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The convention is a freestanding agreement designed to promote international cooperation. It provides for:

the exchange of information

the service of documents

other forms of cooperation including joint audits

assistance in collection of outstanding tax liabilities.

Some tax treaty articles and multilateral conventions also facilitate international debt recovery and use a cooperative approach to collection.

Cross-border initiatives

Cross-border transactions within the global economy create the potential for tax risks across tax administrations, including Australia's.

Our participation in the Joint International Tax Shelter Information Centre is a key part of our overall strategy to deal with aggressive tax planning. The centre plays an important role in the detection of abusive tax schemes and identifying those who promote and invest in them. Our membership increases our intelligence on abusive tax schemes and helps us deal with those schemes.

We also work with the Organisation for Economic Cooperation and Development (fiscal affairs working party) on tax evasion matters to address the economic, social and governance challenges of globalisation.

Our commitment to you

We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations.

If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take.

Some of the information on this website applies to a specific financial year. This is clearly marked. Make sure you have the information for the right year before making decisions based on that information.

If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice.